The debut of Walt Disney Co’s (NYSE:DIS) Black Widow, the latest instalment in the Marvel movie franchise starring Scarlett Johansson, has been cheered by many in the movie theatre industry as a strong opening weekend for the film raised hopes of a post-pandemic rebound for cinema chains.
Black Widow, which chronicles the origins of Russian assassin Natasha Romanoff, grossed around US$80mln in the US and Canada in its opening weekend, according to preliminary estimates, outperforming the previous pandemic-era box office high-point of around US$70mln set by the ninth instalment of the Fast & Furious franchise two weeks ago.
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While Black Widow’s debut is not particularly ground-breaking in sales terms when compared to other Marvel movies, recording only the nineteenth best opening weekend for the franchise, the figure is likely to boost the outlook for cinema operators, who were ravaged during 2020 as the pandemic forced them to close for months and haemorrhage cash to maintain their theatres.
Major chains eyeing a strong rebound include AMC Entertainment Holdings Inc (NYSE:AMC), which managed to barely escape bankruptcy earlier this year but has sicne seen its share price soar thanks primarily to a buying frenzy among retail investors sparked by the Reddit forum r/wallstreetbets.
Also eyeing the uptick in box office takings will be UK-listed chain Cineworld Group PLC (LON:CINE), which has seen its share price decline by around 50% over the last year as the pandemic caused its customer base to collapse.
However, the numbers for Black Widow also flagged the threats posed to cinemas by streaming services, with Disney reporting that the film had also generated US$60mln globally through its subscription Disney+ platform, where Black Widow is available for purchase through its ‘Premier Access’ segment at the same time as its release in cinemas.
The strong response to the streaming offering represents a potential large customer loss for cinemas chains, as many movie watchers instead opt to watch blockbusters within the comfort of their home rather than going to their theatres.
Cineworld shares were down 2.3% at 76.2p in early deals in London on Monday.